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Just received an e-mail from Binance: Regrettably, you are among the small number of Binance users affected by the announcement that the Binance Visa Debit Card program is closing. You will no longer be able to use your Binance Visa Debit Card from 20th December 2023 UTC 00:00. This is because the Binance Visa Debit Card program, issued by UAB ”Finansinės paslaugos ,,Contis“, part of the Solaris Group, is closing in two months’ time.
Is there any replacement for this service? I very much liked that I could pay anywhere without ever touching fiat... |
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So whats this voting on the Draft Rehabilitation Plan mean? Do i have to read 205 pages and try to understand something?
Anybody who can explain it to me in general?
See the thread I made: https://bitcointalk.org/index.php?topic=5341234.0I decided to read the damn thing and I will post my amateur opinion there once I'm done reading. |
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- cash holders: 100% of their assets back + 6% interest per year.
- BTC holders: around 15% back in the form of money or BTC+BCH
Thank you. 15% of BTC doesn't sound half bad, actually. Considering the coins I left on MTGOX I got at $100 a piece not long before the gox ceased allowing transactions. I will happily vote for this plan. Honestly, in current prices it will still be the best return on investment I had with Bitcoin yet. |
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It feels like the latter outcome is more likely.
Given the extent of the crypto bull market, I don't see any recourse for creditors when it comes to getting paid in full in BTC. The sheer size of their balance sheet would mean that even the biggest exchanges right now probably won't be able to handle such a large liquidation request.
The creditors cannot be repaid in full, half of the BTC is gone. But if I can get only a fraction of my BTC there, it is still a fortune in current prices. On the flip side, the BTC runup does make paying back everyone in full in terms of fiat a lot more feasible. There will probably be a lot of back and forth still with the legal settlement process, but hopefully they do pull through this time.
That was actually a reason why it is taking so long. The BTC prices have risen few years ago and the MTGOX ceased to be bankrupt (calculated in fiat). The legal situation was then converted from bankruptcy to civil something-something and the whole process started again from the scratch. |
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Is it to the question of whether you'd prefer to get back your funds in BTC/BCH or in the form of Yen using the exchange rate 8 years ago? If this is the question, there's definitely a landslide vote on the crypto rather than on Yen.
I'm sorry, but that is not the question. We creditors can vote for the "Draft Rehabilitation Plan" as it stands, or against it. I'm trying to understand what the 200-pages plan even is. But it seems it would still take at least a year before things would even start to materialize. The deadline after all would still be in October. There's probably even an extension after which. But I hope there's a concrete step toward refund after this rehabilitation plan. This case badly needs a closure.
Yes, I'm painfully aware of how long this is taking. I have been on the MTGOX ride from the beginning. Still, current development actually gives a glimmer of hope, whereas a year ago I would have said the Kobayashi* Maru is a no win scenario. Anyway, if things would go as planned, the market will have to brace for hundreds of thousands of BTC flowing into the market.
Well, half of the BTC from MTGOX is already gone. The rest of the BTC will hit the market one way or another - if the creditors are to be paid in YEN, BTC would need to be converted by the Trustee. If creditors are paid in BTC, they will likely sell portion of it anyway.
* Kobayashi is the name of the lawyer in charge of the MTGOX bankruptcy. |
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Ratimov: yes, the back and forth was going on for years in this case. But this time it is different. For the first time, the creditors have to vote on this plan. The deadline is until October 2021. As one of the creditors with small fortune of BTC in stake, I'm trying to figure out if I should vote hai or nah.
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After years of deliberation there finally is a Draft Rehabilitation Plan for the bankrupt BTC exchange MTGOX, approved by Tokyo Court. The document is more than 200 pages long and while there is a translation to English provided, I'm still quite clueless what the legalese means. Did any of the fellow creditors read it and understand it? How will you vote?
As a creditor with BTC/BCH claim I am particularly interested in the following question regarding this Plan:
Will I get any significant portion of my BTC/BCH deposit with MTGOX back or will the crypto be converted to YEN using 8 years old exchange rate?
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was there any pre-mined coins?
yes, 21 million Chia coins were pre-mined by the corporate entity controlling Chia |
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Its a sw development management fiasco, who said this team had developed commercial software in the past? Bittorrent was never commercial, it was a 10+ year open-source project
Amen to that. See https://github.com/Chia-Network/chia-blockchain/issues... there are 1.1k opened unresolved issues with this software and the list is growing daily. My dedicated linux box with 3GHz Pentium is currently topped at 100% CPU. Not plotting, just running the full Chia node. I don't consider that green at all. Hell, I've been running full Bitcoin node on much slower early generation Atom PC, causing barely any load, and the Bitcoin network actually have value and does something useful unlike Chia. This coin is such a Potemkin village. |
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My "not so crypto experienced" crypto mining partner, is interested in setting up our old GPU rigs for this coin by getting some HDDs and running it. We currently run Antminer Z11s and have had them on for 2 solid years. Those old computers are collecting dust, so we'd only have to invest in SSDHDDs. I'm on the fence, so I came here to see what it's all about. I'm interested in more viewpoints from those participating in the thread. We have a bunch of Xeon based MBs and plenty of SATA drives, not a lot of SSDs. Might be worth building just to see the plot expectations. He's pushing me.. I'm just the technical expert, he's got the "megabucks" LOL Thanks  You can plot using regular HDDs, it just takes a bit longer. Plotting one k=32 plot did take 10 hours on my SATA SSD and about 12 hours on regular HDD. I did not try it on NVMe, because I don't have one with sufficient size. The difference in speed is not worth destroying your SSD (see bellow) in my opinion. Get more HDDs and plot on them all in parallel, one plot per drive - IF you wish to participate in this shamcoin. My consumer SATA SSD (Samsung SSD 870 EVO 500GB) purposefully bought and used exclusively for chia plotting is down to 85% of its "Wear_Leveling_Count" S.M.A.R.T. attribute after about 50 or so plots (k=32). That equates to 5 TB of plotted space. I expect about 30 TB of plotted space before this drive will begin to fail. But there are better (and more pricier) SSDs on the market, you should consider them if you want to speed up your crazy train ride (see my answer above). |
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I can not find CHIA on whattomine. Do you know any website that I can calculate productivity of my rig if I use it to mine this coin, CHIA.
Thank you a lot.
https://www.chiaexplorer.com/charts/xchTibthere you can enter your disk capacity and it will show you a prediction of what can be expected but beware the minimum reward is 2.0 XCH when you actually farm (mine) a block, so if the prediction for your disk size and number of days you are willing to let it run is not higher than 2.0 XCH, then you are probably better off staying out until the pool support is properly implemented yes, that's right, chia is designed in a way that makes free pooling impossible, instead they are implementing their vision of what fair pooling may look like and it (announced chia pool support) is as retarded and unfree as you can expect from a pre-mined corporate wish-to-be ecological crypto meanwhile the world harddrive supply vanished overnight and you can expect shortages I really hate chia |
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easy to mine you do not need powerful computers
yes, if you are able to wait 10 years for your coin... it took about a month to plot 10 terabytes on the hardware that is cheap and readily available the reward with 10 TB plots is expected in about a month, but the difficulty is currently ramping up faster than you can plot and if you are not lucky and win the reward soon, in two weeks it can be expected in next three months, then a year and at that point you are out of the game without significant investment in specialized hardware |
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price of $750
Well, I'll be damned. This coin wasn't a complete waste of effort after all. I'll be selling my 2 coins I was able to mine, if I can ever get that horrible client to sync. I will probably reinvest the proceeds on Nasdaq to WDC or STX. |
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Red flags, red flags everywhere. It's like the return of the Soviet Union.
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The Miners cannot sell now. Sending will be enabled in 2 Weeks
This crypto does not allow sending and receiving. You are at the mercy of the developers to enable it later. Does more need to be said? You are not in control of your chia wallet, even if you have the private keys. This is the opposite of user control, opposite of coin ownership. Chia, after several years of development, does not have one of the fundamental required properties - the ability to send and receive. And it is heavily pre-mined, the bug tracker is a bloody mess, software is slow, bloated and unstable. Network is experiencing serious problems even with literally ZERO transactions (remember, transactions are not allowed at the moment). Are there any red flags left unraised by this coin? |
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I've been toying with Chia for the past two weeks and while the idea sounds okay, the software written in Python is a complete dumpster fire. The version 1.0.4 refuses to connect, corrupts the database, exhausts your RAM, stops working randomly, or creates your "farming plots" with SOMEONE ELSES mining address. Can't believe they got investment for this. Satoshi, while acknowledging he is not a programming expert, wrote better software in his spare time and on his own.
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Tulip mania, look it up Really, do look it up. When you do, you will realize that the "investor" comparing it to Bitcoin either knows nothing about Tulip mania, nothing about Bitcoin, or both. |
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So, this recent spike in the price of bitcoins was largely caused by one very large purchase. There was a slight rise in price after that, although that was likely due to people covering shorts and overreacting to the artificial spike. Right now, we're seeing very little market activity as people are likely sitting on their coins waiting for another spike.
At first glance I thought that we'd see another rise, less sharp than the first one, but still relatively steep. Looking at it again though, I think that this inflated price we have now is extremely artificial. One large purchase can't truly reflect the supply and demand. I think we'll see the price steadily fall from here, followed by a sharp downturn once people realize how oversold we are. In fact, I think we'll be testing a $4 floor again soon.
Thoughts?
A $4 floor?Do you mean 4K,not $4?  Very little market activity?The 24 hour bitcoin trading volume is 24 billion USD!Is that you are calling "very little market activity?(It can be faked,though,but I don't believe that much in that)The fact that there's a low price volatility doesn't mean that there's no market activity. Stop with the BS and nonsense,OP. It much has been $4.000 OP was thinking about and not $4, right now a 50% drop in bitcoin price seems very unlikely I think we will slowly try to test $10.000 in the next few weeks, with just around one year to next halving people will now start to focus on higher prices within the next year. It was written in 2012 and the price really was 4 dollars per 1 BTC. |
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If by "supply" you mean "newly minted coins", then Bitcoin is finished. If anyone has 51% it is bad, but if it is government specifically, then RIP Bitcoin, I will be dumping and going for Dogecoin.
bitcoin is not a shitty PoS coin that if you have a large portion of the supply you can control the coin. it is PoW and the 51% that you have heard is talking about hash rate not supply! Yes, that is why I mentioned " newly minted coins" - whoever mints them, has the hashpower, and if someone has 51% of it then the situation can be bad. It happened before with one of the pools having more than 51% and nothing bad happened. |
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If by "supply" you mean "newly minted coins", then Bitcoin is finished. If anyone has 51% it is bad, but if it is government specifically, then RIP Bitcoin, I will be dumping and going for Dogecoin.
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